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Azerbaijan, Franklin Templeton Discuss Strategic Partnership During High-Level Meeting
Azerbaijani President Ilham Aliyev hosted Jenny Johnson, CEO and President of Franklin Templeton, one of the world's leading asset management firms, to explore avenues for strategic cooperation.
During the meeting, Johnson praised Azerbaijan's economic reforms and its growing influence on the global stage. She highlighted the steps taken toward establishing a long-term partnership with the State Oil Fund of the Republic of Azerbaijan (SOFAZ), focusing on mutual benefits and opportunities in strategic sectors.
Johnson also noted her discussions during the COP29 events in November 2024, organized by SOFAZ, emphasizing that the partnership could align with regional and global goals, opening strategic opportunities and achieving long-term results.
President Aliyev underscored Azerbaijan's successful collaboration with leading global financial institutions and expressed the country's readiness to deepen ties with Franklin Templeton. He highlighted the favorable conditions for expanding such relationships, stressing their strategic importance.
Franklin Templeton, founded in New York in 1947, manages assets valued at $1.68 trillion. Its subsidiaries specialize in equities, bonds, alternative investments, and other asset classes.
The partnership aims to implement key projects fostering long-term strategic relations.
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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